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TransAtlantic Petroleum Announces Operating Results, 2012 Proved Reserves, And Provides An Operational Update

Stocks in this article: TAT TNP

For the quarter ended December 31, 2012, our average realized price (unhedged) was $100.41 per bbl of oil and $9.89 per thousand cubic feet ("Mcf") of natural gas, compared to an average realized price of $101.28 per bbl and $7.25 per Mcf in the quarter ended December 31, 2011 and $105.81 per bbl and $8.14 per Mcf in the quarter ended September 30, 2012.

Organizational Enhancements

As a result of the Company's successful initial results in several new plays in Southeastern Turkey, and continued activity in the Thrace Basin, TransAtlantic has advanced an ongoing process to increase internal exposure to resource development practices among management and evaluation personnel. As part of this strategy, TransAtlantic is evolving toward a hub-and-spoke structure built around multidisciplinary asset teams utilizing strong technical knowledge in all geographic areas of the company with technical leadership based in Dallas.

As previously announced, Mitchell R. Whatley joined TransAtlantic as Vice President, Drilling in mid-January 2013 after serving the past two years with Pioneer Natural Resources with a particular emphasis on the Eagle Ford shale. Mr. Whatley also served two years with EnCana Oil and Gas in roles targeting the Deep Bossier and the Haynesville shale plays. Mr. Whatley has had an immediate impact on drilling operations and has recently completed building a four-person U.S. drilling team to oversee the Company's horizontal and conventional drilling program.

TransAtlantic is also pleased to announce that Darcy Dorscher has rejoined the company as Vice President, Production and Facilities. Mr. Dorscher previously worked with TransAtlantic as Vice President, Operations and has extensive international oil and gas experience, including activity in Canada, India, Kazakhstan, Madagascar, Qatar, and Turkey. Mr. Dorscher will be based in Istanbul.

Operational Update

TransAtlantic's 7-day average net production rate as of March 10, 2013 was approximately 4,235 barrels of oil equivalents ("boe") per day, including 2,641 bbls of crude oil per day and 9.6 MMcf of natural gas per day.

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